Base Salary Increases and Payment of Bonuses to Named Executive Officers

On January 16, 2013, the Board of Directors (the “Board”) of Ligand Pharmaceuticals Incorporated (the “Company”) approved base salary increases for 2013 and cash bonus payments for the 2012 fiscal year to be paid to the Company’s named executive officers. Under the Company’s bonus program, the target performance bonus for John L. Higgins, the Company’s President and Chief Executive Officer, is 75% of base salary, the target bonus for Matthew W. Foehr, the Company’s Executive Vice President and Chief Operating Officer, is 50% of base salary and the target bonus for the other named executive officers is 40% of base salary. Bonus payments were based on the Board’s evaluation of performance goals for 2012. Such goals related to the achievement of certain corporate organizational and infrastructure objectives and the advancement of the Company’s clinical development programs.

The 2013 base salaries and 2012 bonuses to be paid to each named executive officer are as follows:

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